Noble Corporation plc A Ordinary Shares (NE)

FairStock Score: 31/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor in the Buffett-Graham tradition, I begin with the business. Noble is an offshore drilling contractor, renting mobile rigs to oil and gas producers. That is a capital-intensive, cyclical enterprise; its earnings depend on rig demand and day rates, not on a durable franchise. The filed record shows the cycle's bite. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $719.7M and net income was -$36.7M, or diluted EPS -$0.23. A quarter earlier, in fiscal Q1 2026, the quarter ended 2026-03-31, Noble earned $120.7M, or $0.75 per diluted share. For full fiscal 2025, net income was $216.7M, or $1.35 per diluted share, down from $448.4M, or $2.96, in fiscal 2024, and $481.9M, or $3.32, in fiscal 2023. Revenue for fiscal 2025 was $3.3B, up from $3.1B in fiscal 2024, but profitability has clearly weakened. FairStock's return measures are low: ROE 3.28%, ROCE 3.12%. Its Piotroski F-Score is 2/9 and Altman Z-Score 1.78, both signs of fragility. The balance sheet is not heavily levered at D/E 0.43, and trailing free cash flow is $283.9M, a 4.1% FCF yield, supporting a 4.52% dividend yield. But at the 2026-10-13 close of $43.42, FairStock's P/E is 46.19, P/B is 1.55, and its Graham Number is $24.37, a -78.17% margin of safety, meaning the price is far above that conservative value. EV/EBITDA of 9.01 is not outrageous, but with a recent quarterly loss and weak quality scores, I would demand a wider discount before calling this a bargain.

In plain English: Noble rents out offshore drilling rigs to oil and gas companies around the world. Right now the business looks weak: it lost money in the latest reported quarter, and profits are much lower than a few years ago. At the recent share price, the shares look expensive compared with the company's recent profits and net assets, so the main attraction is the dividend.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer